Strict Canadian mortgage rules here to stay: Bank of Canada

It appears that strict Canadian mortgage rules are here to stay, at least for awhile. Bank of Canada governor Stephen Poloz says measures like the mortgage stress test, which is meant to ensure buyers can afford payments even if interest rates rise, are doing their job of reining in housing prices in Vancouver and Toronto while buyers are adapting to the test in most Canadian cities, including Ottawa. Poloz’s words come amid complaints about the measures from some sectors of the housing industry. Full story